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20121201
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, the public's reaction will determine how fast congress moves to fix the damage. >> what forces action after we pass the deadline is the public reaction to it. and so i think the big question is going to be what happens in the real economy, how frustrated are average americans that their paycheck is meaningfully smaller? and if that is a massive reaction, then they'll get a quick response. >> reporter: while u.s. markets have been fairly weak lately, they have not yet registered true alarm at the prospect of deadlock in washington. it seems many investors see the fiscal cliff as a slope that will only gradually impact the economy. but washington analysts believe investors may be underestimating the prospect 2013 will roil the economy with a series of fights over taxes, government shut downs and debt limit increases. >> i actually had one hedge fund manager say to me, "oh, they'd never allow to go over the cliff, because they, they being members of congress, would be embarrassed by this. and i don't think wall street understands what it actually takes to embarrass a member of congress on thes
companies aren't waiting on washington to reach an agreement on taxes and spending. they're taking action now to pay shareholders, by declaring special dividends. today, whole foods became the latest in a slew of firms opting for one-time payouts. suzanne pratt reports on what's behind these investor pay-days. >> reporter: costco is doing it. brown forman-- the maker of jack daniels and finlandia is also doing it. today, even whole foods is finding it appetizing. they've all announced special dividends, eager to reward their shareholders with a nice check before expected tax increases happen next year. >> current law says that qualified dividend income tax rates are at 15%. and, if no legislation is passed between now and then end of the year, those rates would go up to as high as 43.4%. >> companies just want to pass along these dividends. it's a thank you to shareholders. it sparks interest in their stock. >> reporter: according to s&p, this month alone 216 companies have declared special dividends. last november only 72 firms decided to make similar payouts. this is not the first time
say citi's action today is not the start of a new wave of mass layoffs across corporate america. the nation's job market may not be robust, but it's not frozen, either. in fact, today, the payroll firm a.d.p. reported 118,000 new private sector jobs were added in november, fewer than in october. the blame for last moh's slowdown in hiring falls squarely on hurricane sandy, not on any new or widespread weakness in the economy. >> i would expect that by december, we're going to see some bounce back. much of the disruption from sandy was people simply not being able to get to work or firms not employing people that they ordinarily would have. >> reporter: friday, the government will report it's monthly snapshot of the u.s. labor market. it, too, is likely to reflect temporary effects related to the aftermath of hurricane sandy. >> we're looking for only a 50,000 gain in jobs in november, well under that 170,000 average we've seen over the past three months. >> reporter: hurricane sandy's effects on hiring may be short- lived, but experts worry fiscal cliff concerns could result in
are springing back into action. and, if you used your smartphone to shop this christmas, you're in fashion. it was the year's top retail trend. we have that and more tonight on "n.b.r."! a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry reid predicted the economy would go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses ithe final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was down only 18 points, bouncing back from a triple digit loss, the nasdaq lost four, and the s&p slipped almost two points. so what happens next? and can lawmakers prevent an economic crisis by agreeing on a fiscal cliff deal? darren gersh reports. >> reporter: here is a measure of how bad things are now in washington. markets rallied on news the house will come back to work on sunday, even though there is no solution
on that massive class action settlement. the lawsuit was brought by car owners who lost value on their cars because of sudden, unintended acceleration problems. toyota shares fell 0.5% to just above $92 per share. apple says it will withdraw patent claims against a new samsung phone after the company said it will not sell the phone in the u.s. but apple shares still sold off, down more than $5 to $509. barnes and noble says british media company pearson is making a $90 million investment in its nook media unit. that's about a 5% stake. back in april, microsoft made a $300 million investment in the unit. looking at the players: shares of barnes and noble jumped more than 4% to almost $15 a share. pearson slipped a fraction. and microsoft lost 1.5%. wal-mart plans to start monitoring the warehouses of subcontractors it uses here in the u.s. the program stems from complaints of poor worker treatment at the warehouses. shares of wal-mart fell slightly closing at $67.61. some turbulence in merger talks between american airlines and u.s. airways. the two pilot unions face obstacles on contract te
of year rush today to pay shareholders a one-time "special" dividend or move up 2013 payouts. the actions reward investors with an extra check before tax rates likely increase in 2013. late today oracle accelerated cashaymes from nt year's second, third, and fourth quarters. hospital operator h.c.a. satellite t.v. company dish network, and women's clothing retailer cato announced special dividends. more than 200 companies have made similar moves in the last month. suzanne pratt reports on whether special dividends are the best use of corporate cash. >> reporter: $1.7 trillion. that's the cash u.s. companies have on their balance sheets. all that hoarding is a sign of the times: nervous companies stockpiling for an economic downturn or whatever else might happen. still, n.y.u. professor april klein says companies are over doing it. >> i know they say you can never be too rich or too thin, but companies can in fact be too rich. and, sometimes you do want to shrink out the cash. >> reporter: that's because too much cash can make a company a takeover target. and, with interest rates so low, a
it as a problem, and the type of market action that we've seen over the last couple of weeks is typical of what we see at the beginning of sustainable rallies. >> reporter: speaking of rallies, the s&p 500 is up about 12% this year. if that holds, it will be the best return for the index in two, and a few points better than its historical average. suzanne pratt, nbr, new york. >> tom: fast food diners dig in to mcdonald's cheddar bacon onion burger in november. still ahead, an update on much stronger sales at the golden arches. >> susie: christmas is still 15 days away, but fedex predicts today will be its busiest shipping day ever, over 19 million packages. that's more than double the company's typical daily volume, and a 10% jump from last year. today is also known as "green monday," and it kicks off one of the best weeks of the year for online retailers. erika miller reports. >> reporter: if you're wondering why today is called "green monday," its because of all the green changing hands. many of the sales are now online, so stores offer deep discounts to lure shoppers to their sites. the term "
, you heard erica's report. which do you think is more important for investors, fed policy action tor the fiscal cliff talks? >> right now, susie, the fiscal cliff talks are clearly the item dejure for the stock market. i think most people expect exactly what eric miller was talking about from the fed. and bern bueno ben bernanke hasn transparent and telling people well in advance what he is going to do. the $85 billion should continue building up for our taxpayers balance sheet. >> susie: how does all of this play out in the markets. all of the bond buying, companies are still lding off from hiring and spending, and now the risk, possibly of a recession. how does it play out in the markets for 2013? >> what has happened, with all of this cash going into the market -- into the economy, not only from the u.s. fed, but from europe, from the central bank there, as well as from china, don't forget, so we've had this liquidity which has taken asset prices with the stock market and the bond markets, pricing it way up, it is actually helping housing after a long wait. moving into the future,
the federal reserve's actions today and the worries about the economy, say about commodity demand in the next year? >> it looks as though the federal reserve thinks the commodity demand will continue to be weak. in fact, as you rightly point out, many commodities off their recent highs made in late august, early september, continue to suggest that the demand picture, the actual structural issues that ben bernanke and the team are worried about are still very much in play a very weak economy means weak demand in the commodity complex. >> tom: it sounds like the commodities are responding to the economics, as opposed to all of the money the federal reserve is flooding into the market. is that fair to say? >> yeah, i think that is right. if you go back to 2009, '10, and '11, and see where the fed undertook its first various rounds of quantitative easing, you get these mini boblets that happen in commodity prices. but what is happening actually is that you don't have any upward pressure in the labor markets, and that is what is persistently going to be the ultimate end cause of significant long-t
rallying since it announced earlier this month it would cut 11,000 jobs. it is the first major action taken by c.e. michael corbat sin he to over this summer. bank of america rallied 4%, closing at $11 per share. it consistently is one of the most actively traded stocks, and it was again today. media reports indicate influential banking analyst meredith whiney upgraded her opinion of both bank of america and citigroup today. in addition to the sprint and clearwire deal, there was other monday merger news, and speculation driving stock prices. first, the speculation: general electric reportedly is close to a $4 billion deal for italian aerospace group avio. according to the wall street journal a deal could be announced thursday. orders for new airplane engines have increased with g.e. looking to buy parts supplies like avio. shares of g.e. gained 1.4% on heavier than usual volume. a.i.g. shares jumped 3% on reports it could sell its stake in the asian life insurer a.i.a. group for as much as $6.5 billion. a.i.g. still owns about a third of the asian company. canada's third largest life insur
on some future action and we'll have to kick the can down the road again. that's my fear as well. >> tom: if you're anxious about the fiscal cliff, you're not alone, still ahead, how some americans are cutting back, and how the cliff is impacting both investor and consumer behavior. stocks headed south on wall street as debate over the fiscal cliff heated up in washington. adding to those worries, word that fitch ratings repeated its threat to strip the u.s. of its triple "a" credit rating if we go over the cliff. the dow fell 99 points, the nasdaq lost 10, the s&p down 11. >> tom: u.b.s., the big swiss bank, is putting accusations of interest rate manipulation behind it. the bank will pay $1.5 billion to settle charges of rigging a key international lending rate. the u.s. justice department also filed criminal charges against two u.b.s. traders, and a unit of the bank itself. the agency calls the bank's conduct, "simply astonishing." >> hundreds of trillions of dollars in mortgages, student loans, credit card debt, financial derivatives and other financial products worldwide are tied to
closing the regular session up 1.3%, they rallied another 5% to over $100 in after-hours action. quarterly earnings were stronger than expected with a double- digit sales increase for its nike brand in north america. google is selling its tv set-top cable box business to arris group. google inherited the business when it bought motorola mobility. google will get $2.4 billion in cash and stock. shares moved only a fraction. arris group jumped to a new 52 week high, up 3.6%. meantime, it is no deal for all- scripts health care solutions. the hospital services firm decided against selling itself, and instead named a board member as its new chief executive. shares fell 14.4% on very heavy volume as it now goes it alone. four of the five most actively traded exchange traded products ended higher, led by the financial sector fund. the nasdaq 100 tracking fund was unchanged. and that's tonight's "market focus." >> susie: 'tis the season to shop till you drop. retailers hope the stores will be crowded this weekend, and shoppers hope the lines will be short. from local gas stations to the grocery s
an open mind on anything the president proposes. >> it appears to me the action, if there is any, is now in the senate side and we'll just have to see if we're able, on a bipartisan basis to move forward. >> reporter: senate majority leader harry reid said he too would try to reach agreement. but that was after spending most of the day hammering away at house republicans. reid blamed the current stand off on the inability of house republicans to pass their own plan which would have extended tax breaks for everyone making less than a million dollars a year. >> it's the mother of all debacles. that was brought up in an effort to send us something. he couldn't even pass it among the republicans it was so absurd. he meaning the speaker. so it's very clear now mr. president that the speaker's number one goal is to get elected speaker on january 3. >> reporter: january 3 is the deadline for the new congress to start work. if a fiscal cliff fix isn't passed by then, the start of a new congress will likely delay matters even more. which is why the focus now is on reaching a nano-deal. >> the min
Search Results 0 to 49 of about 51 (some duplicates have been removed)